India aims for $ 600 bn textile exports by 2047, eyes $ 1.8 tn domestic market
The textiles ministry is in the process of formulating its Vision 2047, which is structured around five key thematic pillars.
India aims to achieve a significant milestone in its textile sector, targeting a substantial increase in exports to $ 600 billion by 2047, up from $ 44 billion in FY22. Additionally, the domestic market is projected to grow to $ 1.8 trillion from $ 110 billion in 2022, primarily driven by the surge in fast fashion and the expansion of ecommerce.
The textiles ministry is in the process of formulating its Vision 2047, which is structured around five key thematic pillars: research and innovation; infrastructure, trade, and investment; marketing and brand promotion; skilling and quality; and sustainability.
A workshop involving stakeholders has already been conducted, with on-going deliberations to set ambitious yet realistic targets.
Initial discussions suggest that apparel and made-up exports could surpass $ 350 billion by 2047, while technical textiles exports could reach approximately $ 85 billion. For the domestic market, apparel sales are expected to reach $ 1.2 trillion, with technical textiles reaching around $ 460 billion.
Challenges regarding the availability of raw materials for achieving the $ 350 billion export target for apparel have been raised by industry representatives. Additionally, there is a call for the formulation of an investment policy for textiles and the implementation of a mission-oriented strategy to enhance supply.
Key aspects under consideration include promoting domestic brands and suppliers as global leaders, focusing on quality improvement to boost the productivity of natural fibres, and fostering indigenous machinery manufacturing. The plan also emphasises self-reliance in high-tech and high-value exports, along with the establishment of a self-sustaining indigenous supply chain.
Furthermore, discussions involve setting milestones for 2030, with projections indicating the domestic market growing to $ 250 billion and exports to $ 100 billion by that year.
The vision entails positioning India as a global leader in sustainable manufacturing, targeting a 30% share of global recycled fibres and introducing a new segment in the value chain dedicated to textiles recycling and waste management. Additionally, initiatives include the development of textiles knowledge hubs and centres of excellence for national technology creation and the sharing of intellectual property rights.
